UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
| Investment Company Act file number: | 811-22016 | |
| Exact name of registrant as specified in charter: | ||
| Address of principal executive offices: | 1900 Market Street, Suite 200 Philadelphia, PA 19103 |
|
| Name and address of agent for service: | Sharon Ferrari abrdn Inc. 1900 Market Street, Suite 200 Philadelphia, PA 19103 |
|
| Registrant’s telephone number, including area code: | 1-800-522-5465 | |
| Date of fiscal year end: | October 31 | |
| Date of reporting period: |
Item 1. Reports to Stockholders.
(a) A copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “1940 Act”) is filed herewith.
| 1 | Past performance is no guarantee of future results. Investment returns and principal value will fluctuate and shares, when sold, may be worth more or less than original cost. Current performance may be lower or higher than the performance quoted. NAV return data includes investment management fees, custodial charges and administrative fees (such as Trustee and legal fees) and assumes the reinvestment of all distributions. |
| 2 | Assuming the reinvestment of dividends and distributions. |
| 3 | The Fund’s total return is based on the reported NAV for each financial reporting period end and may differ from what is reported on the Financial Highlights due to financial statement rounding or adjustments. |
| 4 | The FTSE EPRA Nareit Global Index (NTR) is a total return index that is designed to represent general trends in eligible real estate equities worldwide. The Index is calculated net of withholding taxes to which the Fund is generally subject. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index. |
| 5 | All historical per share information has been retroactively adjusted to reflect the 1-3 reverse stock split which was implemented on February 9, 2026. |
| abrdn Global Premier Properties Fund | 1 |
| 2 | abrdn Global Premier Properties Fund |
| 6 Months | 1 Year | 3 Years | 5 Years | 10 Years | |
| Net Asset Value (NAV) | 11.92% | 18.80% | 9.91% | 1.05% | 5.05% |
| Market Price | 9.23% | 16.85% | 12.90% | 1.76% | 6.97% |
| FTSE EPRA Nareit Global Index (NTR) | 10.01% | 16.92% | 8.61% | 1.69% | 3.50% |

| abrdn Global Premier Properties Fund | 3 |
| Sub-Industries | |
| Retail REITs | 26.7% |
| Health Care REITs | 24.8% |
| Industrial REITs | 12.6% |
| Data Center REITs | 12.1% |
| Real Estate Operating Companies | 8.0% |
| Multi-Family Residential REITs | 5.5% |
| Self Storage REITs | 4.4% |
| Diversified Real Estate Activities | 4.3% |
| Diversified REITs | 3.7% |
| Single-Family Residential REITs | 3.4% |
| Other, less than 2% each | 5.8% |
| Liabilities in Excess of Other Assets | (11.3%) |
| 100.0% |
| Top Ten Holdings | |
| Welltower, Inc., REIT | 12.6% |
| Equinix, Inc., REIT | 7.8% |
| Prologis, Inc., REIT | 7.1% |
| Simon Property Group, Inc., REIT | 5.3% |
| Ventas, Inc., REIT | 4.9% |
| Realty Income Corp., REIT | 4.8% |
| Digital Realty Trust, Inc., REIT | 4.3% |
| American Healthcare REIT, Inc. | 3.8% |
| Public Storage, REIT | 3.2% |
| Unibail-Rodamco-Westfield, REIT | 2.9% |
| Countries | |
| United States | 78.5% |
| Japan | 8.0% |
| Australia | 5.3% |
| France | 3.9% |
| Hong Kong | 2.7% |
| Singapore | 2.1% |
| Belgium | 2.1% |
| Switzerland | 2.0% |
| Other, less than 2% each | 6.7% |
| Liabilities in Excess of Other Assets | (11.3%) |
| 100.0% |
| 4 | abrdn Global Premier Properties Fund |
| abrdn Global Premier Properties Fund | 5 |
| 6 | abrdn Global Premier Properties Fund |
| Assets | |
| Investments, at value (cost $320,971,959) | $ 411,061,211 |
| Foreign currency, at value (cost $42,340) | 42,732 |
| Cash | 2,463,870 |
| Interest and dividends receivable | 781,084 |
| Receivable for common shares issued | 484,699 |
| Tax reclaim receivable | 376,939 |
| Prepaid expenses in connection with the at-the-market stock offering (Note 5) | 3,356 |
| Prepaid expenses in connection with the shelf registration (Note 5) | 59,558 |
| Total assets | 415,273,449 |
| Liabilities | |
| Line of credit payable (Note 7) | 42,944,158 |
| Distributions payable | 2,395,524 |
| Investment management fees payable (Note 3) | 326,133 |
| Interest payable on line of credit | 144,710 |
| Investor relations fees payable (Note 3) | 35,034 |
| Administration fees payable (Note 3) | 23,659 |
| Trustee fees payable | 1,325 |
| Other accrued expenses | 141,723 |
| Total liabilities | 46,012,266 |
| Net Assets | $369,261,183 |
| Composition of Net Assets | |
| Paid-in capital in excess of par | $ 377,271,873 |
| Accumulated loss | (8,010,690) |
| Net Assets | $369,261,183 |
| Net asset value per share based on |
$ |
| abrdn Global Premier Properties Fund | 7 |
| Net Investment Income | |
| Investment Income: | |
| Dividends (net of foreign withholding taxes of $255,784) | $ 6,232,814 |
| Total investment income | 6,232,814 |
| Expenses: | |
| Investment management fee (Note 3) | 1,893,708 |
| Administration fee (Note 3) | 139,758 |
| Reports to shareholders and proxy solicitation | 63,885 |
| Investor relations fees and expenses (Note 3) | 53,701 |
| Trustees' fees and expenses | 42,049 |
| Legal fees and expenses | 35,480 |
| Independent auditors’ fees and tax expenses | 33,522 |
| Custodian’s fees and expenses | 24,284 |
| Transfer agent’s fees and expenses | 8,694 |
| Miscellaneous | 134,560 |
| Total operating expenses, excluding interest expense | 2,429,641 |
| Interest expense (Note 7) | 712,340 |
| Net expenses | 3,141,981 |
| Net Investment Income | 3,090,833 |
| Net Realized/Unrealized Gain/(Loss): | |
| Net realized gain/(loss) from: | |
| Investments (Note 2h) | 4,251,199 |
| Foreign currency transactions | (27,335) |
| 4,223,864 | |
| Net change in unrealized appreciation/depreciation on: | |
| Investments (Note 2h) | 32,549,513 |
| Foreign currency translation | 26,100 |
| 32,575,613 | |
| Net realized and unrealized gain from investments and foreign currencies | 36,799,477 |
| Change in Net Assets Resulting from Operations | $39,890,310 |
| 8 | abrdn Global Premier Properties Fund |
| For the Six-Month Period Ended April 30, 2026 (unaudited) |
For the Year Ended October 31, 2025 |
|
| Increase/(Decrease) in Net Assets: | ||
| Operations: | ||
| Net investment income | $3,090,833 | $3,633,074 |
| Net realized gain/(loss) from investments and foreign currency transactions | 4,223,864 | (4,040,291) |
| Net change in unrealized appreciation on investments and foreign currency translations | 32,575,613 | 6,578,842 |
| Net increase in net assets resulting from operations | 39,890,310 | 6,171,625 |
| Distributions to Shareholders From: | ||
| Distributable earnings | (21,859,905) | (8,771,327) |
| Return of capital | – | (33,061,136) |
| Net decrease in net assets from distributions | (21,859,905) | (41,832,463) |
| Proceeds from at-the-market offering resulting in the issuance of 1,518,169 and 3,959,620 shares of common stock, respectively (Note 5) | 10,446,951 | 15,442,135 |
| Expenses in connection with the shelf and at-the-market stock offering (Note 5) | (71,122) | (82,056) |
| Reinvestment of dividends resulting in the issuance of 97,408 and 335,848 shares of common stock, respectively | 474,637 | 1,297,562 |
| Change in net assets from capital transactions | 10,850,466 | 16,657,641 |
| Change in net assets | 28,880,871 | (19,003,197) |
| Net Assets: | ||
| Beginning of period | 340,380,312 | 359,383,509 |
| End of period | $369,261,183 | $340,380,312 |
| abrdn Global Premier Properties Fund | 9 |
| Cash flows from operating activities: | |
| Net increase/(decrease) in net assets resulting from operations | $ 39,890,310 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |
|
| Investments purchased | (104,448,395) |
| Investments sold and principal repayments | 100,817,881 |
| Increase in interest, dividends and other receivables | (225,985) |
| Decrease in prepaid expenses | 61,299 |
| Decrease in interest payable on line of credit | (20,477) |
| Increase in accrued investment management fees payable | 36,997 |
| Increase in other accrued expenses | 13,718 |
| Net change in unrealized appreciation of investments | (32,549,513) |
| Net change in unrealized appreciation on foreign currency translation | (26,100) |
| Net realized gain on investments transactions | (4,251,199) |
| Net cash used in operating activities | (701,464) |
| Cash flows from financing activities: | |
| Increase in line of credit payable | 12,142,071 |
| Distributions paid to shareholders | (19,368,270) |
| Proceeds from stock offering | 10,446,951 |
| Expenses in connection with the at-the-market and shelf offering | (71,122) |
| Net cash provided by financing activities | 3,149,630 |
| Effect of exchange rate on cash | 498 |
| Net change in cash | 2,448,664 |
| Unrestricted and restricted cash and foreign currency, beginning of period | 57,938 |
| Unrestricted and restricted cash and foreign currency, end of period | $2,506,602 |
| Supplemental disclosure of cash flow information: | |
| Cash paid for interest and fees on borrowing | $732,817 |
| 10 | abrdn Global Premier Properties Fund |
| For the Six-Month Period Ended April 30, |
For the Fiscal Years Ended October 31, | |||||
| 2026 (unaudited) |
2025 | 2024 | 2023 | 2022 | 2021 | |
| PER SHARE OPERATING PERFORMANCE(a): | ||||||
| Net asset value per common share, beginning of period | $ |
$ |
$ |
$ |
$ |
$ |
| Net investment income(b) | 0.10 | 0.04 | 0.02 | 0.09 | 0.12 | 0.13 |
| Net realized and unrealized gains/(losses) on investments and foreign currency transactions |
0.98 | 0.03 | 1.09 | (0.27) | (2.25) | 1.96 |
| Total from investment operations applicable to common shareholders | 1.08 | 0.07 | 1.11 | (0.18) | (2.13) | 2.09 |
| Distributions to common shareholders from: | ||||||
| Net investment income | (0.48) | (0.10) | (0.10) | (0.10) | (0.07) | (0.16) |
| Return of capital | – | (0.38) | (0.38) | (0.38) | (0.41) | (0.32) |
| Total distributions | ( |
( |
( |
( |
( |
( |
| Capital Share Transactions: | ||||||
| Impact of shelf offering | –(c) | –(c) | – | – | – | – |
| Net asset value per common share, end of period | $ |
$ |
$ |
$ |
$ |
$ |
| Market price, end of period | $ |
$ |
$ |
$ |
$ |
$ |
| Total Investment Return Based on(d): | ||||||
| Market price | 9.23% | 2.10% | 47.63% | (6.58%) | (33.80%) | 62.89% |
| Net asset value | 11.92% | 2.10% | 32.89% | (4.86%) | (32.36%) | 41.59% |
| Ratio to Average Net Assets Applicable to Common Shareholders/Supplementary Data: | ||||||
| Net assets applicable to common shareholders, end of period (000 omitted) | $369,261 | $340,380 | $359,384 | $304,800 | $361,335 | $583,883 |
| Average net assets applicable to common shareholders (000 omitted) | $352,290 | $337,845 | $347,740 | $361,732 | $498,916 | $547,641 |
| Gross operating expenses | 1.80%(e) | 2.32% | 3.00% | 2.48% | 1.89% | 1.59% |
| Net operating expenses, net of fee waivers | 1.80%(e) | 2.27% | 2.74% | 2.22% | 1.62% | 1.40% |
| Net operating expenses, net of fee waivers and excluding interest expense |
1.39%(e) | 1.40% | 1.25% | 1.19% | 1.19% | 1.19% |
| Net Investment income | 1.77%(e) | 1.08% | 0.56% | 2.22% | 2.05% | 1.99% |
| Portfolio turnover | 26%(f) | 65% | 74% | 44% | 41% | 36% |
| Senior securities: | ||||||
| Line of credit payable outstanding (000 omitted) | $ |
$ |
$ |
$ |
$ |
$ |
| Asset coverage per $1,000 on line of credit payable at period end(g) | $ |
$ |
$ |
$ |
$ |
$ |
| (a) | On February 9, 2026, the Fund implemented a 1 for 3 reverse stock split. Net asset value and per share amounts have been updated to reflect the transaction. See Note 5. |
| (b) | Based on average shares outstanding. |
| (c) | Less than $0.005 per share. See accompanying Notes to Financial Statements. |
| abrdn Global Premier Properties Fund | 11 |
| (d) | Total investment return is calculated assuming a purchase of common stock on the first day and a sale on the last day of each reporting period. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total investment return does not reflect brokerage commissions. |
| (e) | Annualized. |
| (f) | Not annualized. |
| (g) | Asset coverage per $1,000 is calculated by dividing total assets (less all liabilities and indebtedness not represented by senior securities) by the amount of the line of credit and then multiplying by $1,000. |
| 12 | abrdn Global Premier Properties Fund |
| abrdn Global Premier Properties Fund | 13 |
| Security Type | Standard Inputs |
| Foreign equities utilizing a fair value factor | Depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. |
| Investments, at Value | Level 1 – Quoted Prices |
Level 2 – Other Significant Observable Inputs |
Level 3 – Significant Unobservable Inputs |
Total |
| Assets | ||||
| Investments in Securities | ||||
| Common Stocks | $312,666,031 | $98,395,180 | $– | $411,061,211 |
| Total Investment Assets | $312,666,031 | $98,395,180 | $– | $411,061,211 |
| 14 | abrdn Global Premier Properties Fund |
| abrdn Global Premier Properties Fund | 15 |
| 16 | abrdn Global Premier Properties Fund |
| abrdn Global Premier Properties Fund | 17 |
| 18 | abrdn Global Premier Properties Fund |
| abrdn Global Premier Properties Fund | 19 |
| 20 | abrdn Global Premier Properties Fund |
| Tax Cost of Securities |
Unrealized Appreciation |
Unrealized Depreciation |
Net Unrealized Appreciation/ (Depreciation) |
| $322,226,314 | $96,472,337 | $(7,637,440) | $88,834,897 |
| abrdn Global Premier Properties Fund | 21 |
| 22 | abrdn Global Premier Properties Fund |
| abrdn Global Premier Properties Fund | 23 |

(b) Not applicable.
Item 2. Code of Ethics.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 3. Audit Committee Financial Expert.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 4. Principal Accountant Fees and Services.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 6. Schedule of Investments.
(a) Schedule of Investments in securities of unaffiliated issuers as of close of the reporting period is included as part of the Report to Shareholders filed under Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Not applicable.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not applicable.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
(a) Not applicable to semi-annual report on Form N-CSR.
(b) There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1)of this Item in the registrant’s most recently filed annual report on Form N-CSR.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
| Period | (a) Total No. of Shares Purchased | (b) Average Price Paid per Share | (c) Total No. of Shares Purchased as Part of Publicly Announced Plans or Programs(1) | (d) Maximum No. of Shares that May Yet Be Purchased Under the Plans or Programs(1) | ||||||||||||
| Month #1 (Nov. 1, 2025 — Nov. 30, 2025) | — | — | — | 6,378,455 | ||||||||||||
| Month #2 (Dec. 1, 2025 — Dec. 31, 2025) | — | — | — | 6,378,455 | ||||||||||||
| Month #3 (Jan. 1, 2026 — Jan. 31, 2026) | — | — | — | 6,378,455 | ||||||||||||
| Month #4 (Feb. 1, 2026 — Feb. 28, 2026) | — | — | — | 6,378,455 | ||||||||||||
| Month #5 (Mar. 1, 2026 — Mar. 31, 2026) | — | — | — | 6,378,455 | ||||||||||||
| Month #6 (Apr. 1, 2026 — Apr. 30, 2026) | — | — | — | 6,378,455 | ||||||||||||
| Total | — | — | — | |||||||||||||
| (1) | On June 13, 2018, the Board approved an open market share repurchase program (the “Program”). The Program allows the Fund to purchase, in the open market, its outstanding common shares, with the amount and timing of any repurchase determined at the discretion of the Fund’s investment adviser. Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions. On a quarterly basis, the Fund’s Board will receive information on any transactions made pursuant to this policy during the prior quarter and management will post the number of shares repurchased on the Fund’s website on a monthly basis. Under the terms of the Program, the Fund is permitted to repurchase up to 10% of its outstanding shares of common stock in the open market during any 12 month period. For the six-month period ended April 30, 2026, the Fund did not repurchase any shares through this program. |
Item 15. Submission of Matters to a Vote of Security Holders.
During the period ended April 30, 2026, there were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 16. Controls and Procedures.
| (a) | The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d15(b)). |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable
Item 18. Recovery of Erroneously Awarded Compensation
Not appliable
Item 19. Exhibits.
| (a)(1) | Not applicable. | |
| (a)(2) | Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable. | |
| (a)(3) | The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this Form N-CSR. | |
| (a)(4) | Not applicable. | |
| (a)(5) | Change in Registrant’s independent public accountant. Not applicable. | |
| (b) | The certifications of the registrant as required by Rule 30a-2(b) under the Act are exhibits to this Form N-CSR. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
abrdn Global Premier Properties Fund
| By: | /s/ Alan Goodson | |
| Alan Goodson, | ||
| Principal Executive Officer of | ||
| abrdn Global Premier Properties Fund |
Date: July 9, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | /s/ Alan Goodson | |
| Alan Goodson, | ||
| Principal Executive Officer of | ||
| abrdn Global Premier Properties Fund |
Date: July 9, 2026
| By: | /s/ Sharon Ferrari | |
| Sharon Ferrari, | ||
| Principal Financial Officer of | ||
| abrdn Global Premier Properties Fund |
Date: July 9, 2026